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Taylor Root - Australian Private Practice Salary Guide - 2011/2012
 

Taylor Root - Australian Private Practice Salary Guide - 2011/2012

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Taylor Root is pleased to release our new Private Practice Salary Guide for 2011/2012.

Taylor Root is pleased to release our new Private Practice Salary Guide for 2011/2012.

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    Taylor Root - Australian Private Practice Salary Guide - 2011/2012 Taylor Root - Australian Private Practice Salary Guide - 2011/2012 Document Transcript

    • Legal private practiceMarket update & salary review 2011/2012 Australia In association with Lawyers Weeklytaylorroot.com.au
    • Legal private practice: Market update & salary review 2011IntroductionThe 2010/2011 financial year has been much more settled than the previous few years and has marked a definite andwelcome return to form for most Australian law firms. This positivity has resulted in significant, sustained levels of newrecruitment as firms work hard to re-position themselves and their teams to make the best of increased demand for theirservices.From a recruitment perspective, the most visible change in the last twelve months has been the breadth and consistency ofdemand for lawyers across the board. The number of opportunities for corporate and banking lawyers remains very high butthere is often a similar urgency behind recruitment into litigation, real estate, construction, employment, financial servicesand trade practices.The war for talent: home and awayAs would be expected the competition for high calibre candidates is fierce and lawyers with blue chip experience and goodtrack records can expect multiple offers in key disciplines. However, whilst the war for talent is, as ever, being fought oversalary and future career prospects, a new dimension comes from the real and perceived interest from international firms inAustralian talent.Although relatively small in number so far, the impact of several global law firms arriving in Australia is already tangible. Wherethe perceived benefits for many candidates in moving laterally across the top-tier are often too small to consider compelling,the advantages of moving from a large domestic firm to one of the newly arrived global practices can be very tempting. Thesenew arrivals are able to talk with confidence about accelerated career development, access to truly cross-border matters andclients, the development of global networks and, of course, the opportunities for a move overseas further down the track.There’s no doubt more overseas firms will arrive in Australia in the coming years, the only questions are who, when andhow. Visa restrictions make moving to London impossible for many at the moment and New York is still in recovery mode. Forlawyers keen to experience life in these locations, the opportunity to position themselves in the interim with a global playeris very appealing. David Buckley Partnertaylorroot.com.au
    • Legal private practice: Market update & salary review 2011 The energy boom Buoyed by the mineral and resources boom, markets outside the traditional legal service hubs of Sydney and Melbourne have seen a surge in recruitment activity since late 2009. There are no signs of abatement as we head towards 2012 in Perth and Brisbane particularly. There is an acute shortage of talented lawyers across all areas of practice, with top-tier and leading national firms recruiting in earnest from the East Coast of Australia, the UK (including Ireland and increasingly Scotland) and other Commonwealth jurisdictions. With a relatively small local talent pool, 2011 has seen a number of leading firms travel around the world to secure top quality lawyers. Taylor Root has hosted recruitment teams from many of the top and mid-tier firms in our overseas offices recruiting for roles across Australia. We have seen firms offer highly competitive salary packages, relocation assistance, sponsorship and assistance qualifying as an Australian practitioner. Whilst Sydney continues to set the pace, the arrival of some international powerhouses into WA and the dramatic increase in competition for candidates has put renewed pressure on salaries. We have seen lawyers in Perth being offered salaries comparable to Sydney and in the core practice areas of Energy & Resources, Projects and Construction, sometimes more than they would achieve in Sydney. The traditional gap between Brisbane and Sydney has also narrowed and candidates can expect to receive competitive offers more in line with those seen in Melbourne.taylorroot.com.au
    • Legal private practice: Market update & salary review 2011 The survey Taylor Root is widely regarded by our clients as being one of Australia’s premier specialist legal recruitment agencies. We work across all of the top-tier, national, mid-tier and boutique law firms. This survey has been compiled with reference to: • Salaries offered to candidates by their current employers following the recent review • In excess of 1,200 key contacts of Taylor Root were invited to contribute via an online questionnaire • Offers of employment made to candidates looking to move laterally • Information provided by the firms themselves The figures in the survey are set out in easy to read salary bands which refer to the candidates’ years of experience. The bands acknowledge the diversity of the breadth of experience at each level and allow candidates and clients to find the information that is most relevant to them. There are a number of profitable boutique law firms who are leading the market with salary packages and these figures were incorporated into the top-tier bracket. Occasionally an individual’s salary may fall outside the bands illustrated. The norm for staff performing at the required level of achievement will typically be somewhere between the extremes of the bands. Matt Harris Managertaylorroot.com.au
    • Legal private practice: Market update & salary review 2011Key resultsWhat is the average percentage increase in base salary you will be awarding lawyers for 2011? Increase 1-3% Increase between 4-10% 1 Increase more than 11% 2 3 No increase 4 5Will 2011 increases be more, less or the same as awarded in 2010? More Less The same 1 2 3 N/A 4Do high performing lawyers receive a bonus? Yes: 0-10% Yes: 11-15% Yes: 16-20% 1 2 3 No 4taylorroot.com.au
    • Legal private practice: Market update & salary review 2011The salariesSydney Experience Top-tier Mid-tier 1 year $72,000 - $83,000 $60,000 - $70,000 2 years $85,000 - $95,000 $75,000 - $88,000 3 years $100,000 - $115,000 $90,000 - $105,000 4 years $115,000 - $135,000 $105,000 - $130,000 5 years* $135,000 - $155,000 $115,000 - $140,000 6 years $155,000 - $185,000 $120,000 - $160,000 7+ years $165,000 - $250,000 $150,000 - $220,000Melbourne Experience Top-tier Mid-tier 1 year $70,000 - $80,000 $65,000 - $75,000 2 years $80,000 - $95,000 $75,000 - $85,000 3 years $95,000 - $105,000 $85,000 - $100,000 4 years $100,000 - $130,000 $90,000 - $115,000 5 years* $130,000 - $150,000 $100,000 - $135,000 6 years $135,000 - $175,000 $115,000 - $160,000 7+ years $150,000 + $150,000 +taylorroot.com.au
    • Legal private practice: Market update & salary review 2011 Brisbane Experience Top-tier Mid-tier 1 year $65,000 - $75,000 $55,000 - $70,000 2 years $77,000 - $88,000 $68,000 - $83,000 3 years $90,000 - $103,000 $81,000 - $95,000 4 years $103,000 - $122,000 $95,000 - $115,000 5 years* $122,000 - $135,000 $105,000 - $135,000 6 years $140,000 - $170,000 $109,000 - $155,000 7+ years $150,000-$220,000 $140,000-$200,000 Perth Experience Top-tier Mid-tier 1 year $65,000 - $75,000 $55,000 - $75,000 2 years $80,000 - $95,000 $65,000 - $85,000 3 years $90,000 - $110,000 $80,000 - $100,000 4 years $105,000 - $130,000 $90,000 - $120,000 5 years* $125,000 - $145,000 $100,000 - $130,000 6 years $145,000 - $185,000 $115,000 - $155,000 7+ years $160,000-$250,000 $140,000-$200,000 Adelaide Experience Top-tier Mid-tier 1 year $53,000 - $68,000 $41,000 - $55,000 2 years $59,000 - $70,000 $44,000 - $58,000 3 years $64,000 - $85,000 $50,000 - $65,000 4 years $78,000 - $95,000 $55,000 - $70,000 5 years* $80,000 - $110,000 $60,000 - $75,000 6 years $92,000 - $120,000 $65,000 - $100,000 7+ years $110,000+ $85,000+ Canberra Experience Top-tier Mid-tier 1 year $66,000 - $78,000 $50,000 - $68,000 2 years $80,000 - $88,000 $65,000 - $75,000 3 years $88,000 - $100,000 $70,000 - $85,000 4 years $95,000 - $112,000 $79,000 - $99,000 5 years* $115,000 - $140,000 $95,000 - $108,000 6 years $130,000 - $160,000 $98,000 - $118,000 7+ years $140,000+ $120,000+* These figures include Senior associate salariestaylorroot.com.au
    • Legal private practice: Market update & salary review 2011 The next twelve months It is widely expected that the next twelve months will see a continuation of the current market conditions; an ongoing shortage of talented lawyers and an increasing urgency amongst firms large and small to maintain and grow their teams across the board. In the short term, the most obvious retention issue will be whether, following a strong, and profitable year, lawyers are happy with their salary reviews and bonuses. There is a general perception and anticipation that having finally stepped from the shadow of the GFC, 2011 could be a bumper year. Looking further into the future, currently there are far fewer lawyers leaving to work overseas than in previous years due to flat economic conditions, sufficient local supply and tighter visa restrictions. However, the London market is once again supply constrained and the demand for corporate and banking lawyers is outstripping supply as we speak. This will inevitably lead to an outflow of strong transactional lawyers to the UK, Asia and the Middle East. How quickly this happens is still unclear but we expect this will become a key recruitment feature once again very shortly.Tim FogartyPartnertaylorroot.com.au
    • For more information on the private practice recruitment market please contact a member of our teamon: + 612 9236 9000 (Sydney) or + 613 8610 8400 (Melbourne): Sydney Matt Harris Dominic Khedun Kathryn Parry Manager (Canberra/Adelaide roles) (Brisbane/Perth roles) mattharris@taylorroot.com.au Associate director Associate director dominickhedun@taylorroot.com.au kathrynparry@taylorroot.com.au Melbourne Tim Fogarty Gina Paterson Partner Consultant timfogarty@taylorroot.com.au ginapaterson@taylorroot.com.auEstablished in the 1980s, Taylor Root is now widely recognised as being one of the world’s leading legal& compliance recruiters. Operating out of offices in the UK, Dubai, Singapore, Hong Kong, Sydney andMelbourne, we are ideally placed to assist with legal & compliance recruitment on an international basis.Taylor Root has a strong track record in the recruitment of: Heads of legal and Legal advisers; law firmassociates and partners; contract/locum lawyers; paralegals; company secretaries and compliance and riskprofessionals.Taylor Root is a member of The SR Group. The SR Group is a specialist recruitment consultancy dedicatedto raising standards in the business environments that we serve. The sectors we cover include tax, legal,human resources, marketing, professional support and executive search, dealing with a substantial numberof the world’s leading professional partnerships, multi-national corporations and international bankinggroups as well as small to medium sized developing organisations.Lawyers Weekly is Australia’s leading legal publication enjoyed by legal practitioners of all levels. It ispersonally addressed to lawyers in law firms across Australia and abroad, and those who are members- both past and present - of the Australian Corporate Lawyers Association (more than 4000 in-houselawyers).As a weekly publication with a website which is updated daily, Lawyers Weekly is respected as theindependent voice of the legal profession and its content is taken into account by the profession’s decisionmakers.In May 2011, Lawyers Weekly online had over 150,000 unique page views, putting it ahead of well-known and respected publications BRW and GQ.Visit www.lawyersweekly.com.auFor information on Lawyers Weekly please contact:Adrian Fellowes - adrian@lawyersweekly.com.au taylorroot.com.au
    • London Dubai Hong Kong 95 Queen Victoria Street Suite 614, Liberty House DIFC 1918 Hutchinson House London EC4V 4HN PO Box 506739 10 Harcourt Road , Central, Hong Kong T: +44 (0)20 7415 2828 T: +9714 448 7770 T: +852 2973 6333 Singapore Melbourne Sydney 30 Cecil Street Level 2, Rialto North Tower Level 12, 25 Bligh Street #21-03/04 Prudential Tower 525 Collins Street Sydney Singapore 049712 Melbourne, VIC 3000 NSW 2000 T: +65 6420 0500 T: +61 (0)3 8610 8400 T: +61 (0)2 9236 9000Taylor Root is a member of The SR Group taylorroot.com.au